The greater Blouberg property market saw property transactions worth about R8,2 billion (3 649 transactions) across the area over the last 12 months. Semigration buyers taking the biggest piece of the pie Approximately 38% (1 394 transactions) of these transactions were from semigration buyers from elsewhere in South Africa, according to bizcommunity . Most semigration buyers are from the Gauteng metros.
The market comprises about a 48/52 split between full-title and sectional-title sales. Although prices vary depending on the area, the average transaction price for full title is around R2,9 million. For sectional titles it is R1,566 million.
The rental market has also seen significant increases with a high demand for residential and holiday rentals. As a result of this high demand, property owners and investors have been earning good rental income and experiencing above-market-average capital growth. Prices doubling The average property prices in the greater Blouberg area have generally doubled over the last 10 years.
The average increase for freehold homes was 87% and for sectional titles 90%. There is also a growing demand for more high-end properties due to an increasing luxury property market. Property in the two security golf estates in the area – Sunset Links and Atlantic Beach Estate – sells for around R8 million on average.
Despite the increase in sales of luxury property, approximately 69% of all sales are still below R3 million and about 42% below R2 million, i.